In Figure 4.1, the demand curve that is perfectly inelastic is on graph:
A. A.
B. B.
C. C.
D. D.
Answer: A
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According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
In the long-run equilibrium, perfectly competitive firms produce the level of output such that
A) marginal cost is minimized. B) average total cost is minimized. C) marginal cost equals the price. D) Both answers B and C are correct.
The exchange rate last month was $1= 3.2 Swiss francs. This month it is $1 = 3.12 Swiss francs. We can say that the value of the dollar
A) fell, causing net exports to increase and aggregate demand to rise. B) fell, causing net exports to decrease and aggregate demand to fall. C) increased, causing net exports to decrease and aggregate demand to fall. D) increased, causing net exports to decrease and aggregate demand to rise.
If labor demand rises faster than labor supply, it is expected that real wages will ____
a. stay the same b. decrease c. increase d. Not enough information is available to determine the impact on real wage rates.